On May 10, Marathon Digital released its financial report stating that in the first quarter of 2024, the company mined a total of 2,811 bitcoins, worth approximately US$176 million at current prices.
Benefiting from the record high price of Bitcoin during the same period, Marathon Digital's net profit in the first quarter soared 184% year-on-year to $337.2 million; revenue increased 223% year-on-year to $165.2 million. The company said, "With the expansion capacity brought by recent acquisitions, the additional 45 EH/s computing power provided by current orders and options, and $1.6 billion in liquidity reserves, we now aim to achieve 50 EH/s of online computing power by the end of 2024."
Marathon Digital revealed that it sold 26% of its mining bitcoins in the first quarter to cover operating costs. The company currently has $1.6 billion in capital reserves, including cash, cash equivalents and bitcoins.
